House repossesion!

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02 Sep 2007 00:00 by toto99 Star rating. 22 posts Send private message

Hi everyone,

Since the mortgage hike last month I can no longer afford my house, I want to give it back to the bank and rent, does anyone know how it works in spain?

 

Thanks in advance.

 

Harley





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02 Sep 2007 23:44 by mariadecastro Star rating in Algeciras (Cadiz). 8578 posts Send private message

mariadecastro´s avatar

Give it back to the bank ? Once you fail paying  the loan instalments the bank will try to negotiate a solution out of courts or will activate an out of courts sale ( if that was agreed in the mortgage deed).. Finally, it will initiate an executive judicial procedure to repossess the house, sell it in public auction and pay your debt.



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